CION Investment Corporation Announces Issuance of Approximately $34 Million of Additional Series A Unsecured Notes in Israel

CION Investment Corporation (NYSE: CION) (“CION”) announced today that it closed an additional offering in Israel of approximately $33.7 million in aggregate principal amount of its Series A Unsecured Notes due 2026 (the “Additional Notes”). The Additional Notes were issued by way of expanding, and have the same terms and conditions as, the existing Series A Unsecured Notes due 2026 that were issued by CION in February 2023.

The Additional Notes will bear interest at a floating rate equal to the Secured Overnight Financing Rate plus a credit spread of 3.82% per year, which will be paid quarterly commencing on November 30, 2023. The Additional Notes will mature on August 31, 2026 and may be redeemed in whole or in part at CION’s option at par plus a “make-whole” premium, if applicable. The Additional Notes will be general, unsecured obligations and rank equal in right of payment with all of CION’s existing and future unsecured indebtedness. The Additional Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s.

The Additional Notes listed and commenced trading on the Tel Aviv Stock Exchange Ltd. (the “TASE”) on October 10, 2023. CION expects to use the net proceeds of this offering to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.

Leader Underwriters (1993) Ltd. is acting as sole distributor and advisor for this offering.

The Additional Notes were sold in an offshore transaction to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Additional Notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Additional Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

Michael A. Reisner, co-CEO of CION stated, “We are grateful for the continued enthusiastic backing and keen interest shown by institutional investors from Israel for this offering. This offering allows us to remain naturally hedged with our predominantly floating rate investment portfolio and allows us to attractively invest in all interest rate environments without having to speculate on the timing, sizing, and direction of future actions of the Federal Reserve. We continue to see robust deal flow as we aim to deliver steady returns to our shareholders over the long haul.”